Alkane, in joint venture with Newmont Australia Ltd, discovered the McPhillamys gold depositnear Blayney in 2006. Subsequent drilling of the deposit defined a substantial gold resource of2.96 million ounces (ALK ASX announcement 5 July 2010). The project was sold to RegisResources Ltd for the issue of 35.7 million shares (Alkane 17.5 million shares) in August 2012.

Alkane developed considerable technical knowledge with the discovery and evaluation of theMcPhillamys deposit, and has been applying this knowledge to its targeting for McPhillamys stylegold mineralisation in the Central West region. As a result two properties, Elsienora and Rockley,have been acquired.